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Islam, the Islamic worldview and Islamic economics

Haneef, Mohamed Aslam (1997) Islam, the Islamic worldview and Islamic economics. IIUM Journal of Economics & Management, 5 (1). pp. 39-65.

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A correct understanding of the fundamental elements in the Islamic economic vision is a pre-requisite for the development of Islamic economics. This article begins by putting forward a conceptual understanding of these fundamental elements which include the nature of man, the universe and the concept of din. The article argues that due to differences in the Islamic economic vision to those of western economics, coupled with the epistemological and methodological framework in Islamic scholarship, the development of Islamic economic thought (and consequently policy prescriptions) differs. While internal logic, coherence and consistency are necessary conditions for scientific exposition, Islamic economics should be evaluated within its own framework and using its own criteria. Within acceptable parameters determined by revelation, this paper also argues that varying opinions in economics are possible and probable.

Item Type: Article (Journal)
Additional Information: 541/41684
Uncontrolled Keywords: Islam, Islamic worldview, Islamic economics
Subjects: H Social Sciences > HB Economic Theory
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User: Prof. Mohamed Aslam Mohamed Haneef
Date Deposited: 29 Apr 2015 16:39
Last Modified: 29 Apr 2015 16:39
URI: http://irep.iium.edu.my/id/eprint/41684

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